本研究目的在探討首度上市公司上市前，管理當局因存在達到上市審查條件與提高股票承銷價格的動機，使得首度上市公司上市前運用可能利用盈餘管理提高財務報表盈餘數字。本研究藉由選取民國82年初至民國86年底首度上市公司共136家，其中包括電子類股42家，非電子類股94家，以統計配對樣本Z檢定與複迴歸分析方法，進行首度上市公司之盈餘管理與股價關聯性實證研究。本研究獲得的結論如下： 1.就民國82年初至民國86年底間首次上市公司上市前應計項目呈正向增加的現象顯著，證實首次上市公司上市前有盈餘管理現象。 2.不論電子類股或非電子類股之首次上市公司上市前以增加應計項目，進行盈餘管理的現象並未呈顯著的不同。 3.股市多頭或空頭走勢，並未在首次上市公司於上市前增加應計項目變動的現象產生顯著的差異。 4.首次上市公司上市交易的前十個交易日股價累積報酬明顯為正值，同時又高於同期間大盤指數的累積報酬率。（本指數係採不含金融類股的加權股價指數作為比較基礎） 5.上市交易的前十個交易日股價累積報酬率，與上市前應計項目變動關係不顯著，而與上市前二年至上市前一年的現金流量變動呈正相關。

論文提要 本研究目的在於探討新上市公司在申請上市時所編製的強制性財務預測與上市後業績變動及盈餘管理的相關性。 本研究採實證之方式，選取民國80年6月到86年底之新上市公司曾在上市當年及上市後三年內公告或更新財務預測者。利用迴歸分析、卡方分析、T檢定及Wilcoxon Rank Sum 檢定，而研究結果如下： 1. 由於新上市申請的相關規定，若公司預期本身經營績效不佳時，會提出較為樂觀之財務預測，以利上市審查。 2. 新上市公司上市後的經營績效變異程度與財務預測的過度樂觀程度呈現正相關，但是當樂觀程度定義為來自營業活動的現金流量時，並不顯著，可能是公司僅需注意營業毛利與稅前淨利是否達成，對現金流量之預測較沒有達成的壓力所致。 3. 新上市公司提出之強制性財務預測過於樂觀者在上市前盈餘管理之現象並不顯著，其可能原因在於本研究採用之盈餘管理定義僅限於與營業有關之裁決性應計項目，而無法看出公司利用其他項目來進行盈餘管理。 4. 上市前從事盈餘管理之公司，除了現金流量之準確度不明顯外，業績衰退和業績成長公司在財務預測準確度上明顯不同，但是在財務預測更新行為上並無顯荖不同。 5. 新上市公司面臨更新財務預測時，會傾向利用應計項目操縱來規避調整。 / The Relationship among Change in Operating Perfomance, Earning Management and the Revision of Mandatory Forecasts Abstract This research aims to examine the relationship among change in initial public offering firms, earning management and the revision of mandatory forecasts. This study contends that the forecast revisions should significantly correlate with changes in IPO's performance. The samples of this study range from June 30th, 1991 to December 31st , 1997. The empirical results of this study can be summarized as follows: O Due to related regulations, if IPO firms predict its insufficient operation performance, the mandatory forecasts of IPO firms are usually optimistic, for the convenience of examination. O The IPO firms' variation degree of operation efficiency and the over-optimistic forecasts are correlated positively. O If IPO firms' mandatory forecasts are over-optimistic, the earning management is not correlated significantly. O Before public offering, among the firms which manipulate earnings, there is significant difference between firms with declining performance and firms with growing performance. O When the IPO firms face revisions of forecasts, the firms would tend to manipulate accruals to avoid revisions.

存貨在企業營運中扮演重要的角色，在企業產銷過程中，存貨成為一項無可避免的投資，存貨管理之良窳不同，可能為企業創造利潤，亦可能造成企業營運狀況之惡化。此外，不同的產業或公司基於營運環境之差異，可能適用不同的存貨模型，所以存貨的經濟模型可作為財務報表分析的重要指引。因此，由於存貨管理對企業經營之影響重大，以及希冀分析台灣上市公司存貨生產模型的適用情況是引發本研究的動機。 　　主要探討的研究問題是台上市公司存貨生產循環所適用的存貨經濟模型，細分成為下列兩個研究問題： 　　利用個別公司季資料，測試是否生產平穩模型為存貨決策的主要解釋。並且藉由探討當季的存貨揭露與銷貨、盈餘間之關係，分析台灣上市公司所適用的存貨經濟模型為何。 　　仿效會計資訊內涵（information content study）的研究方法，並且採用混合式（pooling）的研究設計。針對上市公司，蒐集民國７４年第一季至８４年第二季間季報資料。比較生產變異數及銷貨變異數，探討生產平穩模型是否為存貨政策的主要解釋。繼而，採用複迴歸及Wilcoxon Rank Test測試，檢驗未預期存貨資訊對銷貨、盈餘、毛利率的預測能力，進而推論台灣上市公司的存貨經濟模型。 　　經由實證結果，獲得以下的結論： 　　（一）直接測試法的結果 　　生產平穩模型可能發生於某些公司，但不是存貨決策的唯一解釋，預防缺貨可能是另一項重要的考慮因素。 　　（二）Wilcoxon Rank Test測試的結果 　　在銷貨的部份可以看出生產平穩模型及導期模型的影響。 　　（三）間接測試法的結果－迴歸分析 　　1.未刪除極端值的結果 　　未預期總存貨在預期次一季、次二季的銷貨具顯著正向關係，即與生產平穩模型相一致。至於盈餘、毛利率，則未得到同樣的結果。 　　2.刪除極端值後的結果 　　未預期總存貨對未來銷貨、盈餘的預測具顯著的正向關係，其結果與生產平穩模型一致。 　　未預期存貨組成要素對銷貨的預測，於在製品反應出導期模型的影響；對盈餘的預測，於製成品反應出缺貨模型的影響。

本研究的主要目的在探討會計資訊在大陸股價形成中所扮演的角色。在所有會計資訊中最重要的資訊為會計盈餘，因此，在本研究第一步驟先探討會計盈餘的資訊內涵，亦即在檢視盈餘與股價之間的關係。本研究並擬進一步探討會計比率的資訊內涵，亦即探討公司流動能力、財務槓桿、獲利能力與活動能力等四個普遍會計比率所代表的財務層面和股價之間的關係。為了回答本研究假設中所隱含的問題，本研究所使用的資料分析方法為因素分析及迴歸分析。 　　本研究的樣本選自上海證券交易所及深圳交易所的股票公開上市公司，其涵蓋期間係從大陸股市起始日至1993年12月31日。經理論建立與統計分析後，達成下列結論： 　　1、在中國大陸的股票市場上，未預期每股盈餘與股價累積異常報酬的關係並不密切。在七組樣本中，未預期每股盈餘／前期每股盈餘皆非股價累積異常報酬的解釋變數，其t值皆未達0.05顯著水準。 　　2、在主成份分析及複迴歸分析中，其結果顯示，未預期財務比率與股價累積異常報酬的關聯性亦不強，表示在中國大陸上，財務比率在股價形成中並未扮演顯著角色。而在七組樣本中，只有所有B股此一組的CAR2部份之第二個主成份因素，其t值達0.05的顯著水準。其它迴歸式的所有主成份因素均無法解釋大陸股價的形成。 　　3、在逐步迴歸的分析下，財務比率與股價報酬的關聯性顯著提高，甚至在所有B股此一組的CAR1部份，其關聯性高達0.8884。 　　4、在主成份迴歸分析中與逐步迴歸分析中，其產生的R²具極端的相異性。究其原因，逐步迴歸分析中不考慮在完全無共線性的情況下，而主成份迴歸分析則係在完全無共線性情況下的分析。所以兩者之間的R²相異性應來自於不完全共線性所產生的結果。其次，即或在逐步迴歸分析中R²很高，自變數中僅只稅後純益佔實收資本比率或少數幾個財務比率具顯著水準。顯然這種迴歸分析的解釋能力存疑。據此，本研究以為，大陸股市的會計資訊有用性低，解釋能力不高。究其原因，或許大陸股市屬草創期間，不習於西方財務報表的表達，遑論財務報表分析與解釋。

中華民國會計研究發展基金會於2004年7月發佈財務會計準則第35號公報：「資產減損之會計處理」並對會計年度結束日在2005年12月31日（含）以後之財務報表適用之，但得提前適用。35號公報規定企業資產發生減損時，須對資產認列減損損失，以反映企業資產之真實價值。然而，資產減損之認列可能對企業之會計盈餘、資產之帳面價值造成衝擊，本研究之主要目的係找出提前適用35號公報公司其公司特性，藉此瞭解其提前採用之動機與目的，並且檢視提前適用35號公報之公司是否同時進行盈餘管理之行為。 實證結果顯示：(1)提前適用35號公報公司，其公司特性為有著較低之負債比率、資產報酬率與股利支付率，且公司規模較大。此外，過去年度之公司特性並非影響公司是否提前適用35號公報之決定因素。(2) 提前適用35號公報公司確實有從事使淨利下降之盈餘管理之行為。 / In July 2004, Accounting Research and Development Foundation in Taiwan issued Statement No.35,“Accounting for the impairment of assets”. This accounting standard was effective for financial year ending after December 31, 2005, with early application encouraged. To reflect the true value of assets statement No.35 requires firm should recognize assets impairment loss when assets have impaired. However, assets impairment recognized may impact a firm’s accounting earnings and book value of long-term assets of the firm. This study investigates the main firm characteristics of early adoption of the new accounting standard and weather early adopters have earning management at the same time. Empirical results suggest that: (1) firms that early adopting statement No.35 are those with lower debt to asset ratio, return on asset ratio, dividend payout ratio and which are small sized. Besides, firm’s characteristics in past years are not determinant of early adoption of the new accounting standard. (2) Early adopters of the new accounting standard indeed use earnings management to lower the net income.

國內35號會計準則公報的實施是會計從歷史成本原則走向公平價值之重要里程碑，在新公報提高財務報表攸關性之同時，卻可能因放棄可靠性而增大企業報導盈餘的空間。是以實施35號公報對企業財務與營運面資訊揭露上之影響，除資產減損認列項目的正確性，認列金額的適足性，相關揭露報導的適當性外，影響資產減損的因素，以及是否具有公司或產業差異性等，均為值得深入探討的議題。 本論文以2004年報及2005年半年報為研究期間，針對資產減損之認列內容是否符合35號公報之規範內容，本研究發現國內上市櫃公司，將原來規範在1號或5號公報、後來納入35號公報受評之資產，在研究期間內認列並報導的資產減損損失合計約為新台幣203億元，分析結果隱喻國內上市櫃公司在適用35號公報時，確有存在不當認列之可能。本研究同時發現在財務報告資訊品質方面存在財務報告附註揭露「會計變動理由及其影響數」以及會計師查核意見書未對適用35號公報予以適當揭露者計有163家；以及母子公司適用35號公報之時點不同者。 至於認列資產減損金額之決定因素，本研究之實證結果發現，企業認列資產減損之大小受獲利能力、經營績效以及資產使用效能等企業營運因素之影響。在企業特性方面，本研究發現負債比例愈高及企業信用風險愈差之企業，其資產減損金額愈大。規模愈大之公司，認列之資產減損愈小；以及資訊電子業者認列顯著較高之資產減損金額。由於企業在適用35號公報上保有彈性判斷之空間，因此本研究發現企業認列資產減損之大小受到企業本身承受能力及洗大澡動機之影響，隱喻35號公報可能是管理當局可以操弄盈餘之工具之ㄧ。 / The implementation of new accounting standard (SFAS No.35) on assets impaired is a milestone of moving from historical cost principle towards fair value principle. As SFAS No. 35 may enhance the relevance of financial information at the cost of reliability, there exists the flexibility of reported earnings through the new communiqué. Based on the importance of the SFAS No.35 on a company’s financial and operational reporting, this thesis investigate the accuracy and adequateness of asset impairment, the appropriateness of reporting and disclosures of asset impairment, the determinants of asset impairment and the characteristics across industry are worth studying into thoroughly. With the topic of the contents of asset impairment in compliance with SFAS No.35, this study finds that the listed companies in Taiwan recognized and reported as asset impairment in the amount of NT $88,094 million for the study period from December, 2004 to June, 2005, of which approximately amounted to NT $20,300 million should be periodically evaluated in accordance with SFAS No.1 or SFAS No.5 before adoption of SFAS No.35. As a result, it metaphors listed company in Taiwan to use SFAS No.35 as an excuse for written off asset value. We explored the accuracy of asset impairment loss and the appropriateness of reporting for asset impairment for listed companies in Taiwan. When analyzing the reporting quality, we found that there were 163 financial reports of listed companies in Taiwan without footnote of “Accounting change and its effect” or explanationary paragraph for accounting change in auditors’ opinion for the study period from December, 2004 to June, 2005. In addition, we also found that four companies within two consolidated group started to adopt SFAS No.35 at the different timing against the rule of consistency on the adoption of accounting principle among consolidated entities. We explored the determinants of asset impairment for the listed companies in Taiwan for the period from December, 2004 to June, 2005. Our empirical results show the following: (1) The size of asset impairment is associated with operational factors such as profitability, operational performance and effectiveness of asset utilization;(2) In the perspective of company characteristic, the size of asset impairment is associated with the debt ratio and worse credit risk ;(3) The bigger company recognized the smaller impairment loss . Compared to other industries ( excluded financial institutions and securities),the huge impairment had been recognized in electronic industry .Since the evaluation of asset value involved a lot of professional judgments , we found that the size of impairment loss was associated with the management reporting motivation and capability to afford such losses . It metaphors that the SFAS No. is one of the vehicle of earning smoothing to be used.

Globalization has led to the growth of international financial markets, as one of the results, the EU adopted IFRS in 2005 to meet the need of accounting globalization and harmonization. This action has triggered a debate about whether the adoption of IFRS is beneficial to accounting quality and information comparability. Meanwhile, China, playing a key role in the global economic development stage, realizes the importance of accounting harmonization and attempts to move towards the IFRS as well. However, to reach the goal that the Chinese companies produce financial statements that are the same as those that apply IFRS, there is still a long way to go. The purpose of this thesis is to examine whether the adoption of IFRS by EU has enhanced the quality of financial reporting and accounting information comparability. Additionally, the thesis further identified the seminal undertakings for the convergence of IFRS in Europe and pointed out the implication for China’s convergence with IFRS. The empirical findings in this thesis were obtained through qualitative interviews. The empirical findings suggest that accounting quality and information comparability has been enhanced with EU’s strong and full enforcement with IFRS. With the confidence in IFRS which is gained from the success of the EU’s adoption of IFRS, a coherent result was found that the convergence towards IFRS would also benefit China in accounting quality and information comparability, and further lead to more international investments. However, when it comes to the question whether China should emulate EU’s example to adopt IFRS directly or keep CAS (Chinese Accounting Standards) which is similar to IFRS, two mixed opinions were obtained basically from Europe side and China side. Through in-depth analysis with these empirical findings, the conclusion is that it is necessary for China to take steps to build intensive programs to enhance its capacity of the adoption of IFRS, so that it could adapt itself to the fact that the IFRS is already making its way around the world as a single set of high quality global accounting standards.

Market Timing Strategy is an active investment strategy, which is based on the signals of indicators, for the investors to make their investment decisions. However, there has always been the question on which variable is a good indicator, that would provide superior returns for the investment. Bond to Equity Yield Ratio (BEYR) is a new indicator widely researched by many academics in the field of finance and extensively applied by practitioners of the financial markets during the last two decades. Efficient Market Hypothesis (EMH) is a theory in finance which states that stock prices are always reflected with the relevant information and beating the market from predicting the trend of future stock prices is not possible. Therefore, if the market is in accordance with EMH, market timing strategy is not useful and passive investment strategy is better than active investment strategy. Although extant literatures have proved BEYR as a good indicator to be used in market timing strategy, the focus of the existing research is on the financial markets in the United States, the United Kingdom, and the Europe; the study on Asian financial markets is very limited. The main objective of the research is mainly motivated by this knowledge gap. This study will use extreme value strategy as an active trading strategy to conduct research on the market timing ability of BEYR in three Asian financial markets: Japan, Malaysia and Singapore. In addition, passive trading strategy will be used to compare with active trading strategy in each country to identify whether the markets comply with weak form of EMH. Deductive approach of quantitative research is conducted and three main hypotheses are developed to achieve the research objective. The empirical findings from our research and the responses to the main hypotheses can be summarized as active trading strategy does perform better than passive trading strategy for all countries and the market timing ability of BEYR is not as good as the traditional indicators: dividend yields and earning yields for all countries. Therefore, the financial markets of all counties under scrutiny do not comply with weak form of EMH. However, it is worthy to take note that the sample period chosen for this research includes the period when the Global Financial Crisis occurred in 2008. Therefore, it is assumed that the impact of the financial crisis is the main reason contributing the difference between the findings from our research and the existing literatures. Moreover, the difference in the nature of financial market can be considered as another underlying factor for the new perspective on BEYR resulting from our empirical results.

企業名稱是企業重要的無形資產，但是在1925年至2000年間名列美國證券市場資料庫的企業中，卻有超過三成的比率在公開上市後曾經更改過企業的名稱，因此本研究基於管理者及投資者的門檻心理，使用實證模型，探討企業更名後，管理者為了吸引投資者的注意，是否較可能去迎合各個盈餘門檻。 本研究以1994~2006年在美國三大證券交易所交易之具更名事件的企業為觀察樣本（實驗組），並依企業規模大小、產業及年度配對出非更名企業（對照組），比較更名企業與非更名企業在門檻心理之下的盈餘管理程度差異，探討企業更名後擊敗或達到盈餘門檻的機率是否大於更名前，研究方法兼採獨立樣本t檢定、綜和橫斷面分配法、分群樣本之羅吉斯多變量迴歸及差異中之差異法。實證結果發現獨立樣本t檢定下，企業更名後會迎合前期盈餘門檻；在綜和橫斷面分配法下則沒有發現迎合盈餘門檻的跡象；多變量迴歸及差異中之差異法則發現企業更名後會迎合前期盈餘門檻及分析師預測盈餘門檻。 / The name is an important intangible asset of the corporate. But over the 1924~2000 period, on the CRSP tapes, over 30% corporates had changed corporate names. Based on the earning thresholds behavior, I examine whether executives would try to meet or beat different earning thresholds in order to attract investors’ attention. In order to investigate the effects of name change, I use the corporates which had changed names over the 1994~2006 period to be the target groups, and then pair comparison groups by the same firm size, industry, and name-changed year. The results indicate that corporates would try to sustain recent performance when using t test. On the other hand, there is no evidence for executives to exceed thresholds under pooled cross-sectional distribution approach. Finally, corporates would sustain recent performance and meet analyst’s expectations when using multivavariate logit regression and difference - in - difference methods.

This study examines the divide between finance theory and practice by analysing the significance of the determinants of capital structure choice among 123 listed firms on the JSE, to determine whether these firms follow the trade-off theory or the pecking-order theory. Data obtained from McGregor’s Bureau of Financial Analysis database was analysed using standard multiple regressions, stepwise regressions and ANOVA techniques to test for financing behaviour. The results indicated that the trade-off model has both cross-sectional and time-series explanatory power for explaining the financing behaviour, while tests on the pecking-order model were weak. The results further revealed a significant positive correlation between debt financing and financial distress, and a significant negative correlation between debt financing and the collateral value of assets during the period under study (1995-2005). These findings suggest a divergence between finance theory and practice for JSE listed firms and manifest conflicting ideologies between finance practices of developed and developing economies. / Business management / M. Com. (Business Management )